Can anyone help with how I record the purchase of a Motorcycle for purely business use?
It is for a Sole Trader and I was told by HMRC that he could claim the full purchase price as a Capital Expense and all fuel etc. I believe it is listed separately on the SA return but how do I account for it in QF and do I have the correct understanding?
Hi @Sharonmw1
There’s a nominal code for vehicles. You would create your purchase invoice as normal and use this code:
This code comes under the Assets & Liabilities heading, so it will show up on your balance sheet as an asset.
However, it may be worth checking with your accountant (or if you don’t have one, there may be some on here that can help you) with the correct way to record this. I’m not an accountant, so I’d always recommend double checking anyway.
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